How do I post to General Ledger:
October 2 Ordered cleaning suuplies, $500
October 7 Received the cleaning supplies ordered on October 2 agreed to pay half the amount in 10 days and the rest in 30 days?
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How do I post to General Ledger:
October 2 Ordered cleaning suuplies, $500
October 7 Received the cleaning supplies ordered on October 2 agreed to pay half the amount in 10 days and the rest in 30 days?
No entry yet on Oct 2.
Oct 7 dr. Cleaning Supplies 500
Cr. Accounts Payable 500
No entry to record agreement of payment terms.
If payments were actually made on the agreed dates, then:
Oct 17 dr. Accounts Payable 250
Cr. Cash 250
Nov. 6 dr. Accounts Payable 250
Cr. Cash 250
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